New Delhi: In what suggests growing inequality within the society with the rich getting richer, the overall variety of person taxpayers submitting more than Rs 1 crore earnings grew using 20 percent in evaluation 12 months (AY) 2018-19 to 97,689. According to the time-series information launched by using Income Tax, the total quantity of man or woman taxpayers submitting returns with a taxable income of extra than Rs 1 crore became eighty-one,344 in the assessment year 2017-18, according to the time-series information launched by using Income Tax (I-T) branch. In AY 2018-19, the full number of salaried individuals reporting above Rs 1 crore income stood at forty-nine,128, registering a boom of 18.50 in step with cent over AY 2017-18.
The assessment 12 months of 2018-19 relates to the financial year 2017-18. The upward push in crorepati taxpayers truly shows the concentration of wealth in few even though in a rustic of one hundred thirty crore humans, the range is a minuscule fraction. The sharp increase inside the wide variety of crorepati taxpayers has come, notwithstanding the slowing economic system and reports of stagnancy in salaries. Some of the tax professionals attributed the rise in crorepati taxpayers to demonetization and different measures to cut down black cash; however, some consultants dismissed it.
Ever since that demonetization and a crackdown on black money, increasingly more human beings had been submitting profits tax returns affirming their taxable profits. “This is a clean dual impact of demonetization and implementation of GST,” stated Vivek Jalan, Partner and Co-founder at Tax Connect. The range of overall income taxpayers throughout numerous classes consisting of the firm, enterprise, and HUF improved by using 14 in step with cent in AY 2018-19 to 8.Forty-five crores from 7.Forty-two crore 12 months in the past.